Pres. Joe Biden’s Inflation Reduction Act has a total budget of $9 billion and allows Americans to claim up to $4,000 in energy rebates.
$4,000 In energy Rebates
The federal government has different financial programs to help the residents in the country combat the effect of the inflation rate including the rising costs in energy.
Qualified and eligible residents in the country can claim up to $4,000 in energy rebates through the Inflation Reduction Act which Pres. Joe Biden signed. It has total funding of $9 billion.
According to a published article in The U.S. Sun, home energy performance-based whole-house rebates are:
- For energy efficiency retrofits ranging from $2,000-$4,000 for individual households.
- Up to $400,000 for multifamily buildings.
READ ALSO: Stimulus Check: Is It Taxable Or Not?
Meanwhile, grants to states to provide rebates for home retrofits are:
- Up to $2,000 for retrofits reducing energy use by 20 percent or more.
- Up to $4,000 for retrofits saving 35 percent energy or more.
- Maximum rebates double for retrofits of low- and moderate-income homes.
Lastly, the high-efficiency electric home rebate program with $225million allocated for Tribes includes:
- Point-of-sale rebates are administered by states.
- Means testing and will provide 50 percent of the cost for incomes 80 to 150 percent of the area median income, and 100 percent of the cost for incomes 80 percent of the area median income and below and similar tiers for multifamily buildings.
- A $14,000 cap per household, with an $8,000 cap for heat pump costs, $1,750 for a heat pump water heater, and $4,000 for a panel/service upgrade.
Eligibility for the rebates include electric stoves and clothes dryers and insulation/air sealing measures.